Azteca Gold Corp.

Azteca Gold Corp.

November 01, 2007 10:34 ET

Azteca Gold Corp.: First Guerra al Tirano Diamond Drill Core Assays Released

SPOKANE, WASHINGTON--(Marketwire - Nov. 1, 2007) - Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE:AZG) (the "Company") announces that the Company has received gold and silver assays for diamond core hole GAT-07-DDH-002, the second of 5 core holes recently completed at Guerra al Tirano and being assayed at ALS Chemex of Vancouver, BC ("ALS Chemex"). "We are pleased to announce significant mineralization in all sampled intervals across the intersected vein and adjacent to the vein for a few intervals into the footwall," explained Mr. Russell. "Additionally, we are realizing broadly disseminated mineralization for a considerable distance into the hanging wall," added Russell.

Vein Mineralization:

The first assayed core hole, DDH-002 was drilled to a depth of 295 FT and intersected the vein at approximately 150 FT with a true vein width, as reported in the Company's press release dated October 10, 2007, of approximately 18 FT. The assays over a true width of 27.5 FT (including this 18 FT vein width plus approximately 9.5 FT into the footwall), averaged 0.55 g/tonne Au and 46.7 g/tonne Ag (1.40 g Au equivalent/tonne). Assays ranged from 0.05 g/tonne to as high as 1.2 g/tonne Au and from 6.9 g/tonne to as high as 96.4 g/tonne Ag within the vein intercept.

Hanging Wall Mineralization:

Significant mineralization begins to occur in the hanging wall of the vein at approximately 72.5 FT drill depth where assays averaged 0.16 g/tonne Au and 40.5 g/tonne Ag (0.90 g Au equivalent/tonne) over a true width of approximately 4 FT. Hanging wall mineralization from this drill depth of 72.5 FT down to the vein depth beginning at 150 FT (77.5 FT total) averaged 0.13 g/tonne Au and 25.0 g/tonne Ag (0.58 g Au equivalent/tonne). Assays ranged from 0.03 g/tonne to as high as 0.30 g/tonne Au and from 7.1 g/tonne to as high as 59.1 g/tonne Ag within this hanging wall intercept.

Combined Mineralization:

The combined mineralization in the vein, footwall, and hangingwall averaged 0.28 g/tonne Au and 33.0 g/tonne Ag (0.88 g Au equivalent/tonne) over a 132.5 FT drill depth. The extent of footwall and hangingwall mineralization found in hole DDH-002 supports the findings in the NI 43-101 technical document wherein the author comments, "Silicification and quartz stockwork veining extend 2 to 4 meters into the footwall and 2 to 6 meters into the hangingwall of the vein..." and to the extent of the step-out distance of the hole, "...backhoe trenches exposed extensive argillic alteration in the hangingwall extending up to 150 meters east of the vein." (ref: GAT NI 43-101 dated May 11, 2006 and titled: "The Report on the Geology and Current Status of the Guerra al Tirano Silver-Gold Property, Temoris District, Chihuahua, Mexico" page 9 under heading "Alteration")

"In addition to the consistent gold and silver mineralization across the vein and into the footwall, we are especially encouraged to see significant disseminated mineralization in the hanging wall distant from the vein," said John Mears, Vice President of Exploration and the "qualified person" as defined by National Instrument 43-101, who has verified the data disclosed in this press release. "Strength of mineralization in the hanging wall of the vein suggests good ground preparation of the andesites and a strong mineralizing vein system, two factors which provide good potential for low cost open pit type mining," added Mears. "Further," Mr. Mears went on to explain, "we can expect some of the many planned RC holes to penetrate through what are called high grade "chutes" or "chimneys", which can add very significantly to the disseminated mineralization we are seeing in our first core hole."

Quality Assurance and Mineral Resource Notes:

Core and RC samples were processed per the Company's quality assurance policy whereby chain of custody is controlled at site by the Company's site geologist who transfers the samples directly to an ALS Chemex representative at site or in Hermosillo, Sonora, Mexico. ALS Chemex has provided assay results to only those within Azteca's control, the list provided to them by Matt Russell. Assay results are preliminary and will be confirmed by the Company.

The potential quantities and grades reported within this press release are conceptual in nature, being from limited diamond drill core data. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the delineation of a mineral resource.

High Grade "Chutes":

The NI 43-101 technical document for Guerra al Tirano refers to the high grade veins and stockwork or what can be collectively called a "chute" as depicted in Figure 6 of the NI 43-101 technical document. The author refers to reasonable average grades and widths: "The adjacent footwall and hangingwall quartz stockwork/silicified zones extend up to 7 meters away from the vein. The maximum total width is about 17 meters. Assay results from 10 locations where we could cut samples across most or all of the mineralization shows that the zone (vein and stockwork) has an average width of 5 meters and an average grade of 2.88 ppm Au (0.08opt) and 202 ppm Ag (5.9opt). This is in substantial agreement with the average grade reported in the Guerra al Tirano Mine by the Consejo de Recursos Minerales (1994, p. 232) of 3.73 ppm Au and 294 ppm Ag." (ref: GAT NI 43-101 dated May 11, 2006 and titled: "The Report on the Geology and Current Status of the Guerra al Tirano Silver-Gold Property, Temoris District, Chihuahua, Mexico" page 10 under heading "Minerology and Grade"). 1 ppm is 1 g/tonne.

RC Progress Update:

Layne de Mexico has drilled 29 RC holes or about 14,500 FT of their 16,400 FT contract. Layne will drill two more RC holes with target depths 300 to 400 FT and then step-out from the vein for two additional RC holes at approximately 800 FT target depth. The purpose of these deeper holes is to test the further extent of disseminated mineralization in the hanging wall, to investigate the potential for parallel vein structures in the hanging wall of the main vein, and to confirm the continuity down dip of the main Guerra al Tirano vein.

Current Drilling and Future Plans:

The Company awaits assays from ALS Chemex for the other 4 core holes and the RC holes in process. Assays and core logs for these 5 core holes and 33 RC holes are expected to allow the Company to define an initial resource on approximately the northernmost 1.6 km of the 2.5 km strike length of the Guerra al Tirano Project during the fourth quarter of 2007. With the Tres de Mayo lower drill road nearing completion, the Company has commenced a surface program to assist in deciding placement of core and RC holes in the upcoming second phase of on-strike and step-out drilling on the Tres de Mayo concession, which is the southernmost of the 3 concessions which make up the Guerra al Tirano Project.

Location Information for Core Hole GAT-07-DDH-002:

Hole Northing Easting Elevation Azimuth Dip Total Depth
(FT) (degrees) (degrees) (FT)

-002 3022989 760230 4,121.5 0 -90 295

Average Assays over Bulk Intercepts:

Hole From To Interval Au Ag AuEq Comments
(FT) (FT) (FT) (g/t) (g/t) (g/t) (True Width)

-002 72.5 80.5 8.0 0.16 40.5 0.90 4 FT

-002 72.5 150.0 77.5 0.13 25.0 0.58 39 FT

-002 150.0 205.0 55.0 0.55 46.7 1.40 27.5 FT

Some of the better intervals include:

150.0 155.0 5.0 0.27 58.0 1.32 2.5 FT
160.0 165.0 5.0 0.50 57.5 1.55 2.5 FT
175.0 180.0 5.0 0.54 96.4 2.29 2.5 FT
180.0 185.0 5.0 1.02 44.9 1.84 2.5 FT
185.0 190.0 5.0 1.20 58.3 2.26 2.5 FT
190.0 195.0 5.0 0.90 29.5 1.44 2.5 FT
200.0 205.0 5.0 0.76 70.0 2.03 2.5 FT

(1) Au:Ag equivalent is calculated with a multiplier of 55:1
(2) True width of drill intervals are approximately 50% of drill
(3) Assay Methods: Atomic absorption method for Au and intercoupled
plasma analysis for Ag
(4) Assay Detection Limits: 0.005 ppm for Au and 0.5 ppm for Ag

WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Shares issued: 98,574,802

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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